XRP, Ripple’s cryptocurrency, is an old stone in the broader crypto industry. In 2012, just three years after the Bitcoin (BTC) network was founded, XRP was launched. Today, Bitcoin’s market capitalization is several times higher than that of XRP, but Ripple CEO Brad Garlinghouse does not rule out the possibility that XRP could become the number one cryptocurrency in the future.
How XRP can become the “new BTC”.
Garlinghouse draws the comparison between XRP and BTC in an interview with Bloomberg. He points out that XRP can fully benefit from Ripple working with regulators and regulated institutions such as banks to overhaul the global financial system. This is in stark contrast to Bitcoin, which seeks to sideline banks and governments with an alternative, decentralized network.
— JackTheRippler ©️ (@RippleXrpie) September 16, 2023
Garlinghouse points out that XRP has a greater chance of success in the long term because it operates in a world where there is no regulatory uncertainty. According to him, XRP could theoretically become the new BTC if Ripple manages to improve the financial system on a large scale. This statement comes from Ripple’s vision to provide an alternative to the traditional SWIFT payment system for cross-border transactions.
Ripple has significantly expanded its global presence recently. For example, Ripple announced its acquisition of Fortress Trust earlier this month. Fortress Trust is a financial institution that provides regulatory licenses and technological infrastructure for blockchain developers in the world of Web3.
Fortress Trust holds a valuable Nevada Trust license, which now allows Ripple to store financial assets in the state of Nevada.
Last week you could also read on Crypto Insiders that it was Ripple Liquidity Center, a platform that offers businesses a streamlined way to trade digital assets, is expanding to Australia and Brazil. In addition, the stablecoins USDT and USDC will be added to the offering.